Autonomous NEXT analyzed the investment in the crypto economy from 2013 till June 2018. Our findings show the first wave of investment from traditional venture firms in Bitcoin associated companies was between 2013 and 2016, with $400-700 million annually. The second wave of investment from corporates into enterprise blockchain was between 2015 and 2017, with $250-400 million annually. The third wave of public crowdfunding flowed into ICOs, with an unprecedented rise in prices for crypto currencies, with $7 billion of investment going into the space, 4x greater than equity investment in crypto companies. Many ICOs formed to take advantage of the “gold rush” and created questions of quality and regulation for tokens
But nearly half of the $12B in funding raised in 2018 is EOS ($4.2B) and Telegram ($1.7B) hiding emerging weakness in the system.